Ridwan Kabir pays $4.4M for 24 units in Jamaica Estates

Ridwan Kabir through the entity Panchgaon Realty LLC paid $4.4 million to Mohammed Nuruddin and Mirza Rahman through the entity 87-13 Homelawn Realty LLC for two 12-unit walkups (C7) at 87-17 Homelawn Street and at 87-13 Homelawn Street in Jamaica Estates, Queens.
The deal closed on September 28, 2023 and was recorded on October 11, 2023. The two properties have 14,719 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $298 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Mohammed Nuruddin and Mirza Rahman was Mohammed Nuruddin and Mirza Rahman. The signatory for Ridwan Kabir was Ridwan Kabir. The contract date was June 13, 2023.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 87-17 Homelawn Street.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Ridwan Kabir purchased four properties in two transactions for a total of $12.1 million and has no record it sold any properties over the past 24 months.
The seller Mohammed Nuruddin had not purchased any other properties and sold one property in one transaction for a total of $2.4 million over the same time period.

The property

The residential walkup buildings with 24 residential units in Jamaica Estates have 14,719 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 44 feet and is 120 feet deep with a total lot size of 4,460 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $1,420 in OATH penalties in the last year.

Development

On these lots, there is one active new building construction project for a 13-unit, 12,521 square-foot R-2 building. The project was submitted by Mirza Rahman with plans filed June 22, 2015 and permitted February 7, 2019.

The block

On the tax block, there was one new building construction project filed totaling 12,521 square feet. It is a 13-unit, 12,521 square-foot residential (R-2) building submitted by Mirza Rahman with plans filed June 22, 2015 and permitted February 7, 2019.

The majority, or 78 percent of the 66,719 square feet of built space are elevator buildings, with walkup buildings next occupying 22 percent of the space.

The buyer

The PincusCo database currently indicates that Ridwan Kabir owned at least four commercial properties in New York City with 1,829 square feet and a city-determined market value of $1.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 100 percent of the 1,829 square feet of built space are industrial properties, with development properties next occupying 0 percent of the space. They are all located in Queens.

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